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FG names board for SWF
Wednesday, 29 August 2012
THE Minister of Finance, Dr Ngozi Okonjo-Iweala, on Tuesday, in Abuja, named a board for the Nigeria Sovereign Investment Authority to manage the Sovereign Wealth Fund (SWF).
Okonjo-Iweala told reporters that with the selection of the board, the SWF, which started with an initial capital of one billion dollars, had commenced in earnest.
The minister named Alhaji Mahey Rasheed, a member of the board of FirstBank as the chairman, while Mr Uche Orji, a former Managing Director of US-based JP Morgan, was appointed the Managing Director/Chief Executive Officer of the fund.
Orji, who is the global coordinator and head of the US semiconductor researcher and co-head of US Tech Sector Research at the Global Investment Bank, would assume duty on October 2, she said.
Other members of the board are Mr Arnold Ekpe, Mr Jide Zeitlin, Mrs Bili Awosika, Bisi Soyebo (SAN), Alhaji Hassan Usman and Mrs Stella Ojekwe-Onyejeli, who will also serve as Chief Risk Officer.
Okonjo-Iweala told reporters that upon the completion of due diligence, the candidate for Chief Investment Officer was dropped and that the position would be re-advertised.
She said KPMG was engaged for the selection of the team and 730 applications were received for the three executive positions of Chief Investment Officer, Executive Director (Investments) and Executive Director (Risk).
“Forty of these were listed by KPMG, which assisted in sourcing for suitable candidates. Sixteen candidates were shortlisted before the final three were selected.
“With this development, the country is firmly on the path to reaping the benefits of this tried and tested strategy for achieving fiscal prudence and economic transformation.
“The establishment of an institutional foundation for the SWF is a victory for all Nigerians and a credit to the president, who assented to the bill in May last year,” she said.
The minister acknowledged the efforts of former ministers of finance, who worked hard for the establishment of the SWF.
“I must also recognise the Nigeria Governors’ Forum, whose cooperation as well as robust views and exchanges have also helped to move us to where we are today.
“Particularly, the role of Mr Vice-President, who is the chairman of the National Economic Council, in also helping to make this a reality.
“The battle was long but I think the country stands to gain and I do believe that it’s worth it.”
The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilisation Fund, according to the Act signed by President Goodluck Jonathan on May 27, 2012.
The minister explained that each component would be allocated, at least, 20 per cent of the total fund, while the remaining 40 per cent would be decided by the economic management team.
According to her, the fund is designed to ensure that some of Nigeria’s oil wealth is saved to be used to stabilise the economy and invest in infrastructure.
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- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
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Also millions of people are starving in the country.The country is not ripe for all these.We need rail lines from Lagos/ Idiroko to Portharcourt/ Calabar; same as carriage road; rail line from Sokoto to Maiduguri/ Nguru, same as road; rail line from Kontagora to Makurdi/Ankpa, same as roads.WE need electricity at all costs. We need security, every nigeria police officers should be given adequate training,be provided with a set of radio and full fledge kits,standard of education must be improved, accessible health facilities must be provided citizens etc etc etc etc before you start making savings for raining day. Today which raining day are you saving for when those saved in the past ended up in private pockets of public office holders. Just today 29/08/12, Obj claimed he left $35b in reserve now it remains $3b without anything to show for it. this is the time to invest in our own land instead of foreign land.